VANCOUVER, BC,November 3, 2022 –Grande Portage Resources Ltd. (TSX-V “GPG”); (OTCQB: “GPTRF”); (Frankfurt: “GPB”); ("Grande Portage" or "the Company") is pleased to announce that it has completed its 2022 drill program at the Herbert Gold project in SE Alaska.
The Company completed its 5 deep holes with approximately 3700 metres of drill core. The program targeted both step out and in-fill holes, effectively expanding the database of the established resource and improving the Company's resource parametres.
The Company's drilling continued to test a number of the deposit's primary veins but also penetrated the eastern extensions of the Sleeping Giant and North veins as well as numerous subsidiary veins and structures found within the deposit.
Final sample results are expected throughout December and into 2023 due to continued delays at the assay labs. Lab results will be reported in future disclosures as they are received from the lab and QA/QC has been met. Samples taken for assay are split from the core with a diamond saw with one half being sent to ALS Canada Ltd. an independent lab from the Company. The Company's geologists, who are logging the core have identified certain sections which could contain coarse gold and has marked them for metallic screening which captures the nuggety gold in the assay. Known standards and blanks are inserted into the stream of samples on a regular basis and all core is photographed with a high resolution camera for future viewing.
In addition, the Company confirms that Admiralty Environmental, a Juneau based environmental consultant and water quality laboratory, continued its program of gathering baseline water sampling adding to the company's expanding database from previous years. Results were received this year from several environmental water samples that were collected in 2021 and submitted to the laboratory to test for environmental effects after mining commences. Specifically, the tests determine the potential for mine waste rock to generate acidic run-off and/or harmful concentrations of toxic metals. These and previous tests results conducted in 2020 were extremely positive environmentally showing no tendencies to produce acid rock drainage due to the high inherent carbonate content and the low sulfide content of the host rock and altered wallrock.
Mr. Ian Klassen, President and CEO commented “The 2022 diamond drill season has been completed and we await the assay results which are expected over the balance of the year and into early 2023. Our 2022 program began late due to unforeseen contractor and supply chain delays. This, coupled with unseasonably poor and foggy weather, further interrupted the Company’s original drill plan. That said, our geological team has certainly gained more knowledge into the resource at the Herbert property. Grande Portage is funded for next year’s program and management looks forward to adding 2021 & 2022 drill results to the Herbert Gold database”.
This news release has been prepared and approved by Carl Hale, CPG, a geologist with more than 40 years of experience and a Qualified Person as defined under NI #43-101.
About Grande Portage:
Grande Portage Resources Ltd. is a publicly traded mineral exploration company focused on the Herbert Gold discovery situated approximately 25 km north of Juneau, Alaska. The Company holds a 100% interest in the Herbert property. The Herbert Gold property system is open to length and depth and is host to at least six main composite vein-fault structures that contain ribbon structure quartz-sulfide veins. The project lies prominently within the 160km long Juneau Gold Belt, which has produced over seven million ounces of gold. The Company’s updated NI#43-101 Mineral Resource estimate reported at a base case mineral resources cut-off grade of 3.0 grams per tonne gold (g/t gold) and consists of: an indicated resource of 1,196,800 ounces of gold at an average grade of 10.23 g/t gold (3,637,000 tonnes); and an inferred resource of 325,900 ounces of gold at an average grade of 8.91 g/t gold (1,138,000 tonnes), as well as an Indicated resource of 686,700 ounces of silver at an average grade of 5.87 g/t silver (3,637,000 tonnes); and an inferred resource of 169,300 ounces of silver at an average grade of 4.63 g/t silver (1,138,000 tonnes).
ON BEHALF OF THE BOARD
Ian M. Klassen
President & Chief Executive Officer
Tel: (604) 899-0106
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties as described in the Company's filings with Canadian securities regulators. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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